Launch of Integrated Modern Agricultural Morcellement Scheme
The Integrated Modern Agricultural Morcellement Scheme (IMAMS) was launched by the Economic Development Board (EDB) to encourage modern and innovative agricultural practices through the development of an integrated agricultural facility.
The IMAMS is a welcome move as food security remains an important item on the agenda of the Government.
Developers can submit their application to the EDB for the IMAMS, provided that they are the owners of the land at the time of filing of the application.
There are several incentives that are available under the IMAMS including the exemption of land conversion tax, an income tax holiday of 8 income years as from the income year in which the person starts the activity, exemption of registration duty for land transferred under the IMAMS subject to meeting certain conditions.
A Developer wishing to apply for the IMAMS, must do so via a locally incorporated company. MITCO can assist in the setting up and ongoing administration of the company and we can also facilitate the application for the IMAMS with the EDB. If you would like to know more on how we can assist, please write to us on firstname.lastname@example.org
For more information about the IMAMS, please consult the Guidelines issued by the EDB by clicking Here